Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Wednesday, September 22, 2010

S&P 500 update --22nd September 2010

 Daily Chart

Daily Chart II

Stalling  efforts by the bears to which bulls seem to have succumbed to some degree. The low and close of the candle have gone below the 61.8% retracement level which was crossed so smoothly on Monday.The higher high higher low sequence was however maintained.Moving averages are all bullishly aligned and their rise seems more robust than the rise in July and August. The breakout from the inverse head and shoulders too is intact.

Immediate support is at 1139.80 on the uptrendline from the lows of 1040. A break  of  this trendline could find support at 1123-1107. Resistance is at 1148-1160.

Happy Trading !!
Lakshmi Ramachandran

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